Stobart Group reported an increase in turnover and profit in its transport and distribution unit in its final year as a fully-owned division of the business.
In March Stobart Group sold a 51% stake in transport division to Douglasbay Capital (Dbay) – the former owners of TDG - for £280.8m. The move saw William Stobart become chief executive the business now called Eddie Stobart Logistics.
In the financial year ending 28 February 2014 discontinued operations at Stobart Group (which includes approximately 92% of the former transport and distribution division) turnover stood at £559.6m, up from restated like-for-like turnover of £540.6m in the financial year ending 28 February 2013.
Pre-tax profit for the same period stood at £21m, again up from a restated, like-for-like £15.2m.
Stobart Group retains full control of approximately 8% of the former transport and distribution division as it works directly on its Biomass subsidiary. The retained transport business posted a turnover of £31.1m, up from£18.1m, generating EBITDA of £3.7m (up from) £3m.
In its annual statement Stobart Group said: “Transport and distribution had a consistent year, with revenues from most business units in line with budget. New business was secured and, in part through funding awarded by government, we are working to deliver fuel and carbon reductions.”
